Benefit Briefs & Analysis

Health and Welfare Plans

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401(k) and 403(b) Arrangements

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Defined Benefit Plans

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Executive Compensation

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Fiduciary Responsibility

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Payroll and Other Fringes

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Multiemployer Plans

Recent Additions

Proposed Reform of the ACA

You will read a lot in the next few days about the “repeal” of the ACA. Whether you call it repeal or reform, the newly proposed American Health Care Act contains welcome relief for employers from the serious penalties and mind-numbing complexity of the current ACA.

IRS Ends Use of Closing Agreements for Late Corrections of Missed FICA Taxes on Deferred Compensation

If the time to amend a return has passed (usually three years), the IRS will no longer allow employers to correct mistakes in administering the “special timing rule” of IRC §3121(v). This change in policy means that employers, and their employees, will face higher FICA taxes if employers do not understand §3121(v) when administering their non-qualified deferred compensation plans.

Articles and briefings are provided as a courtesy and may not be relied upon as legal advice, or to avoid taxes and penalties. Any communication with a lawyer in the Firm as to their contents does not, of itself, create a lawyer-client relationship.